Adani incorporates another overseas firm in Singapore amid stock market rout

Adani incorporates another overseas firm in Singapore amid stock market rout

The Hindenburg Research report claimed that it used overseas shell firms to inflate stocks.

FPJ Web DeskUpdated: Thursday, February 02, 2023, 08:01 PM IST
article-image
Adani

According to a regulatory filing, Adani Harbour Services, which is a wholly owned subsidiary of Adani Ports, has incorporated another subsidiary in Singapore called Port Harbour Services International.

The paid up share capital for this company is $1000 and is divided into 1000 shares. After Gautam Adani announced the cancellation of India's biggest FPO worth Rs 20,000 crore, Adani Ports' stocked further tanked by 2.7 per cent on Thursday.

So far the Adani Group has lost more than $100 billion, after a Hindenburg Research report claimed that it used overseas shell firms to inflate stocks. Currently Credit Suisse and Citigroup have stopped accepting Adani securities as collateral for loans. Its bonds have also entered distressed territory in the US, while SEBI has reportedly started looking into its FPO.

RECENT STORIES

Amazon India, Flipkart Must Remove Products Infringing Reliance, Jio Trademarks: Delhi High Court

Amazon India, Flipkart Must Remove Products Infringing Reliance, Jio Trademarks: Delhi High Court

India, EU To Hold Next Round Of Free Trade Agreement Talks In September

India, EU To Hold Next Round Of Free Trade Agreement Talks In September

ICICI Prudential Life Q1 FY26 Profit Falls 21.8% QoQ, Premium Income Drops 48%

ICICI Prudential Life Q1 FY26 Profit Falls 21.8% QoQ, Premium Income Drops 48%

Gold Dips By ₹200 To ₹99,370 Per 10g, Silver Drops Sharply By ₹3,000 To Rs 1.12 Lakh/Kg

Gold Dips By ₹200 To ₹99,370 Per 10g, Silver Drops Sharply By ₹3,000 To Rs 1.12 Lakh/Kg

Exports Steady At USD 35.14 Bn In June, Trade Deficit Narrows To 4-Month Low Of USD 18.78 Bn

Exports Steady At USD 35.14 Bn In June, Trade Deficit Narrows To 4-Month Low Of USD 18.78 Bn